NEWS

Myanmar Metals: China Pit Scoping Study Finalised

Scoping Study for the first open pit at Bawdwin has been completed, targeting the Indicated Mineral Resources of the China lode

The China Pit is a 13 year ‘starter pit’ for the Bawdwin Project that funds life-of-mine infrastructure while consuming only 26% of the current Indicated and Inferred Mineral Resources

Pits on the Shan and Meingtha lodes, and an underground mine targeting the Shan, Meingtha and China lodes, are anticipated to follow the China Pit but have not been considered in the Scoping Study

The Scoping Study indicates the potential to develop a low cost open pit mining operation in an accelerated time frame, with rapid payback of the life-of-mine infrastructure for future openpit and underground mining operations.

Myanmar Metals Limited (“MYL” or “the Company”) is pleased to report that it has completed a Scoping Study based on the Indicated and Inferred resources from the China Lode of the Bawdwin Project in Myanmar. The China Pit Scoping Study (“Scoping Study”) has been prepared by CSA Global Pty Ltd (“CSA”) with input from the Company and reputable industry consultants. The Scoping Study outlines a technically and financially viable project based on assumptions adopted for the purpose of this study.

The China Pit Scoping Study does not include 60.9Mt of Indicated and Inferred resources from the China Lode (outside the pit shell) and from the Shan and Meingtha Lodes. The Company notes that all three currently defined lodes are open at depth and along strike and are the subject of current and planned drilling programs. Over 100 years of documented mining (both underground and open pit) of the Bawdwin mineralisation provides a good understanding of the geometry and continuity of the mineralised lodes.

Revenue, operating earnings, NPV, IRR, payback period and other financial metrics have not been presented in this announcement. The Company’s Directors have taken a conservative approach, in consideration of the Scoping Study level of this analysis. Information presented in this announcement including mining physicals data, capital and operating costs, metals prices, metallurgical recoveries, grade and payability (see Appendix 1), allow investors to form their own view on the reasonableness of the underlying assumptions used for the purposes of the Scoping Study.